Navigation specialist TomTom's quarterly revenue tops estimate
Dutch digital mapping specialist TomTom reported a marginal rise in its first-quarter revenue on Tuesday, beating expectations, primarily supported by a stronger-than-anticipated performance in its automotive location technology business.
The Amsterdam-based company posted a revenue of 140.4 million euros ($159.44 million) for the first quarter, up 1 per cent year-on-year, and above the 136 million euros expected in a company-provided consensus.
The company, which generates 56.8 per cent of its revenue from automotive location technology, limited its business decline in the first quarter, posting 79.7 million euros in revenue - beating the consensus estimate of 76 million euros.This segment came under pressure due to the automotive market slowdown, as total new car registrations in the EU declined by 3.4 per cent in February — the second consecutive monthly drop this year.
TomTom benefited from an 18 per cent growth in its enterprise location technology business due to the continued adoption of their platform by customers such as Microsoft and Esri.
"Given market conditions in Automotive, we continue to have limited visibility for 2025," Chief Financial Officer Taco Titulaer said in a statement after TomTom confirmed its 2025 outlook.
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